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Fibonacci Retracements Analysis GBP/USD, EUR/JPY

ByDmitriy Gurkovskiy
Published 12/08/2020, 09:31
Updated 09/07/2023, 11:32
GBP/USD
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EUR/JPY
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GBP/USD
As we can see in the H4 chart, GBP/USD is moving inside the post-correctional extension area between 138.2% and 161.8% fibo at 1.3026 and 1.3158 respectively. At the same time, the MACD indicator is forming a divergence, which may hint at a possible correction. The target of this pullback may be a test of the area close to the earlier broken high at 1.2813. After completing the correction, the next rising impulse may be heading towards the long-term 61.8% fibo at 1.3243.
GBPUSD_H4
In the H1 chart, the divergence on MACD made the price start a new correction, which has already reached 23.6% fibo. The next correctional downside targets may be 38.2%, 50.0%, and 61.8% fibo at 1.2928, 1.2849, and 1.2770 respectively. However, if the price breaks the high at 1.3186, the instrument may continue the uptrend.
GBPUSD_H1
EUR/JPY
As we can see in the H4 chart, after completing a short-term pullback towards the earlier broken high at 124.43, EUR/JPY is forming a new rising impulse towards the long-term 50.0% fibo at 125.94 and then the post-correctional extension area between 138.2% and 161.8% fibo at 126.38 and 127.57 respectively. The support is the fractal low at 119.31.
EURJPY_H4
In the H1 chart, the instrument is correcting after a local divergence on MACD. The first descending impulse has already reached 23.6% fibo. However, a following ascending structure may be heading towards the high at 125.59. If the price fails to break the high, the instrument may resume trading downwards to reach 38.2% and 50.0% fibo at 123.56 and 122.93.
EURJPY_H1

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